Need help - taking over my sister's car that is still under financing

[Anonymous]

Hello everyone,

I bought a car at the end of 2015 under my sister's name. It is still financed through a bank and has about $16,000 left. 

My sister is buying a house soon so I want to take the loan under my name. Currently, I only have one credit  card (discover) that is co-signed with my sister and only has $500 credit limit. I got this card a long time ago, maybe like 5 years ago.

Currently, I have my credit used nearly to the max, about 400/500.

Before I go into a bank to try and finance the car under my name, it is wise to pay off my card entirely so I have zero balance, right? If I were to pay off my card today, how long would it take for it to show up on the computer at the bank?

[Anonymous]

Once you pay it off it will report to your credit report after the statement is cut. What day does your statement cut?

[Anonymous]

On the sixth of every month.

[Appleman]

Look at when the payment is due each month and make sure your payment is made before that date.

You may want to leave a $20 balance on the card (pay off everything except $20) and this will likely help the score. Being paid off at zero can actually depress the score. Most recommend paying that $20 after the statement cuts to avoid interest charges.

You may want to go to KBB.com and see what your current car is worth to see how much they might loan you on the car.